From Jan to June in 2023, Global[1] EV Battery Usage[2] Posted 304.3GWh, a 50.1% YoY Growth
- From Jan to June in 2023, K-trio’s M/S recorded 23.9%
From January to June 2023, the amount of energy held by
batteries for electric vehicles (EV, PHEV, HEV) registered worldwide was
approximately 304.3GWh, a 50.1% YoY growth.
(Source: 2023 July Global Monthly EV and Battery Monthly Tracker, SNE Research)
Such upward trend in the
growth of K-trio was mainly affected by strong sales of electric vehicle models
equipped with batteries of each company. Samsung SDI continued to be in an
upward trend thanks to steady sales of Rivian R1T/S, BMW i4/7/X, and Audi E-Tron.
SK On posted a growth based on solid sales of Hyundai IONIQ 5, KIA EV6, and
Mercedes EQA/B. LG Energy Solution recorded the highest growth among K-trio
companies, propelled by sales of those global best-selling models including
Tesla Model 3/Y, Volkswagen ID. 3/4, and Ford Mustang Mach-E. As the overseas
sales of Hyundai IONIQ 6 and Kona (SX2), to which LGES batteries are installed,
are expected to expand, it seems LGES may safely stay in an upward trajectory in
future.
Panasonic,
the only Japanese company in the top 10 on the
list, recorded 22.8GWh,
a 39.2% YoY growth. Panasonic, who is one of the major battery suppliers to
Tesla, has most of its battery usage installed in Tesla models in the North
American market. In particular, Tesla Model Y, showing a sharp increase in
sales compared to the same period of last year, was a main drive behind the
growth of Panasonic. The sale of Model 3 Long Range, which was temporarily
halted, has resumed recently in the States. As it has been reported that LGES
battery is installed in the Long-Range model, it becomes noteworthy whether
there would be possible changes in the market share of Panasonic.
With a 56.2% YoY growth, CATL from China took
up more than 30% of market share, making it as the only battery supplier in the
world to take up such high market share. It maintained its top position in the
global battery usage ranking. In particular, since it has tried in earnest to
enter into the overseas markets beyond the Chinese domestic market, CATL has nearly
doubled the growth in the European and North American regions compared to the
same period of last year. CATL’s battery has been installed in Tesla Model 3/Y
as well as Chinese commercial vehicles and major electric passenger vehicle
models in the Chinese domestic market such as MG ZS, MG-4, GAC Group’s Aion Y,
and NIO’s ET5, fueling the continuous growth of the battery maker.
BYD has boasted a remarkable growth nearly
doubled from the same period of last year in the Chinese market based on its
high popularity. It earned such popularity based on its price competitiveness
through vertical SCM
integration such as in-house battery supply and vehicle manufacturing. Recently,
it has been expanding its market share in Europe and the Asian region except
China with its Atto 3(Yuan plus).
(Source: 2023 July Global Monthly EV and Battery Monthly Tracker, SNE Research)
[2] Based on battery installation for xEV registered during the relevant period.